7 West

Investment Highlights 

7 West represents TruAmerica’s first investment in the Miami MSA and second investment in the Southeast Florida Market. The asset is located in the Fontainebleau/Doral submarket, a highly sought-after suburban location within the Miami MSA. Positioned closely to the Dolphin Expressway and the Florida Turnpike, the property provides residents with unparalleled access to retail and dining locations, and major employment centers. The Miami MSA has seen extraordinary growth over the last two years. With the absence of state income tax, warm weather and a business-friendly environment, Miami has attracted many investment funds and startup incubators, resulting in tremendous growth. 

Property Highlights 

The 304-unit property was built in 1988 and features spacious 2- & 3-bedroom garden-style units with individual balconies and patios. TruAmerica plans to complete a renovation to all 304 with anticipated upgrades including vinyl flooring throughout, quartz countertops with undermount sink, tile backsplash, interior paint, upgraded cabinet faces and upgraded lighting/plumbing fixtures. 

7 West benefits from a prime location within the Fontainebleau/Doral submarket as the immediate vicinity of the property offers a full array of options for retail and entertainment, including the Dolphin Mall with 36 million shoppers annually and 1.4 million square feet of retail, Downtown Doral featuring 120-acres of mixed-use development, and a robust array of nationally recognized dining experiences. Additionally, located six miles from the property is the Waterford Business District, a 250-acre corporate park featuring over 100 multinational companies including Sony, Pepsi, and Burger King. 

Community Amenities 

Audubon Park

Investment Highlights 

Audubon Park represents TruAmerica’s 23rd investment in Florida and 14th in the Orlando MSA. Audubon Park is situated less than 2 miles from the affluent Baldwin Park neighborhood, where the average household income is $143K per year. Residents have access to Lake Baldwin Park, which offers residents 23 acres of green space and outdoor activities. In terms of employment opportunities, the property sits within 5 miles of Orlando Regional Medical Center (808 beds) and is 16 miles from the SouthPark Center office park, totaling 1.5 million square feet of office space, and is home to employers such as Lockheed Martin, Marriott, and CVS Caremark. 

Property Highlights 

Audubon Park was built in 2017 and consists of 1-, 2-, and 3-bedroom floor plans. All units were developed in 2017 to a true Class A finish level including quartz countertops with undermount sinks, vinyl plank flooring, designer cabinetry, and modern hardware and fixtures. TruAmerica’s substantial presence and intimate market knowledge of the Orlando MSA will allow for more efficient operations.  Furthermore, TruAmerica will make select exterior upgrades over the hold, including pool deck and furnishing replacement, select fitness center equipment replacement, and upgrades to the landscaping and tree trimming. 

Community Amenities 

Alcove

Investment Highlights 

Alcove represents TruAmerica’s 13th investment in the Orlando MSA. Alcove is situated with direct access to each of the property’s major employment opportunities by way of International Drive and the Orange-Seminole County Line via the Central Florida Greenway. More locally, Alcove provides a wide array of retail and restaurants within three miles, including the Express Factory Outlet and Orlando Vineland Premium Outlets, offering a combined two hundred stores. Moreover, the property offers unique access to a myriad of unique amenities within 10 miles of the property, including Walt Disney World Resort, Universal Studios, and Sea World.  

Fannie Mae projects Orlando job growth of 3.4% annually through 2025, far above the national average of 1.7%. Orlando’s employment growth is bolstered by growing corporations like Verizon, AAA, Mitsubishi-Hitachi, Deloitte, and JP Morgan Chase as well as an expansive healthcare industry.  

Property Highlights 

Alcove was built in 2016 and consists of studios, 1-, 2-, and 3-bedroom floor plans. All units were developed in 2016 to a modern scope including designer cabinetry, granite countertops with undermount sinks, and vinyl plank flooring. The business plan includes improved operating efficiencies and select refreshment of the property exteriors, including pool deck and furniture replacement, exterior paint over the hold, and landscaping and tree trimming upgrades. 

Community Amenities 

Edge at Brandon

Investment Highlights

Charleston Landings & Charleston Edge represent TruAmerica’s 12th investment in the Tampa MSA. The Property benefits from a prime location within the Brandon submarket, with direct access to I-75 and Selmon Expressway, providing a short commute to major employment centers in market like Downtown Tampa and the Westshore Business District. The Westshore Business District is Tampa Bay’s largest employment center with more than 4,000 businesses, offering proximity to the finest shopping, dining, as well as sports & entertainment that Tampa Bay has to offer. The Southeast Tampa Submarket is home to several major financial and insurance companies along the Interstate 75 corridor, including Citigroup, USAA, JPMorgan Chase, and Ford Motor Credit Company.

Property Highlights

The 372-unit property was built in two phases, Charleston Landings in 1986 and Charleston Edge in 2016. The Property features one, two, and three-bedroom floorplans with patios and balconies. Charleston Edge is comprised of 72 homes featuring a modern finish level which will require minor upgrades. Charleston Landings is comprised of 300 homes featuring a more dated finish level; as such TruAmerica will upgrade all 372 homes across both phases to a cohesive modern finish level to include upgraded cabinetry, stainless steel appliances and microwave, quartz countertops with undermount sink, vinyl plank flooring, tile backsplash in the kitchen, and upgraded fixtures and hardware.

In addition to interior renovations, TruAmerica plans to renovate the amenities including an interior renovation of the clubhouse, upgrades to both fitness centers, upgrades to both pools, addition of a dog park, as well as aesthetic upgrades including exterior paint and landscaping.

Community Amenities

Arbors at Carrollwood

Investment Highlights 

Arbors at Carrollwood represents TruAmerica’s 11th investment in the Tampa MSA.  Arbors at Carrollwood benefits from a prime location within 3 miles of the Veteran's Expressway and I-275, which provide direct access to major employment centers, such as the Westford Business District and Downtown Tampa, providing 120k and 42k jobs, respectively. Additionally, the property is within 15 minutes of the Tampa International Airport and the University of South Florida. Arbors' tenancy benefits from direct access to over 9.5M square feet of retail, including Whole Foods (adjacent to the property), Publix, Target, Nordstrom, and Christian Dior. Finally, Arbor's residents benefit from the prestigious A-rated Carrollwood schools, the primary catalyst for the affluent demographics. The average household income within 3 miles of the property is $102k.   

Economic fundamentals in Tampa remain strong. The Tampa MSA has remained one of the top MSAs in the nation, generating record high job growth over the past year. Additionally, Tampa’s population grew by 33% since 2010 and is projected to grow an additional 6.1% through 2026, doubling the national average projection of 2.9%. The strong job growth and population growth in the MSA are driving high occupancy rates and healthy rent growth.  

Property Highlights 

The 325-unit property was built in 2001, and consists of 1-, 2-, and 3-bedroom floor plans, including several loft-style homes. The 325 apartment homes acquired are fully renovated with quartz or granite countertops, vinyl plank flooring, as well as updated cabinetry and fixtures. The property boasts the best amenity package in the submarket, with newly renovated pool area, fitness center, clubroom, hammock garden, and pet spa. 

Community Amenities